NYWICI Members Get Financial Advice: Start Early

Commit to an investment plan no matter what your stage in life, 165 members of New York Women in Communications were told Sept. 12.

(L to R) Moderator: Hannah Storm, Award-Winning Journalist, Producer & Director (@HannahStormESPN); Panelist: Dyllan McGee, Founder & Executive Producer, MAKERS (@dyllanmcgee); Panelist: Elisabeth Rosario, Director of Communications, Spark Capital (@emrosario); Panelist: Kathy Murphy, President, Personal Investing, Fidelity Investments; Panelist: Kristine Welker, Media Consultant (@kristine_welker)

Five authorities in the financial arena gave advice and answered questions for nearly two hours at Scandinavia House, 58 Park ave. Investing in one way or another is the surest way to achieve a higher quality of life, they were told.

Panelists advised starting an investment plan as early in life as possible. Information from brokers should include descriptions of various plans and upfront and ongoing costs. The brokers should also tell customers how much they are making from the account both upfront and on an ongoing basis, the panelists said.

Members were advised to take full advantage of 401K plans that are offered by employers. Under such plans, as spelled out on the IRS website, employees can contribute part of their wages, escaping taxes until redemption. Employers may also make contributions.

Recommended was BrokerCheck, which provides a checklist for those thinking of retaining a broker. It is a service of the Financial Industry Regulatory Authority which is not part of the government. It provides employment and disciplinary history of brokers and displays their certifications and licenses.

Panelists Shared Personal Stories

Panelists shared their personal stories. Afterwards, guidance for investing was given by panelist Kathy Murphy, president, personal investing, Fidelity Investments.

Other panelists were Hannah Storm, ESPN, journalist, producer and director; Dyllan McGee, founder and executive producer, MAKERS; Elisabeth Rosario, director of communications, Spark Capital, and Kristine Welker, media consultant.

Questions included what percentage of income should be invested and how investments are to be handled by a married couple. Attendees asked how they can approach employers about salaries and bonuses. They were told to check with friends and other sources to make sure they are being paid the market rate for their services.

Members said that more money than ever seems to be going to the government from their paychecks.

The next big NYWICI event is the WiCi Awards Oct. 11 from 8-10 a.m. at Bloomberg, 120 Park ave. Created in 2013, it recognizes “the career achievements of rising stars in communications.”

Recipients have made significant contributions to their companies and industry and are admired by peers and employees. They embody the values of NYWICI and are actively involved in the communications industry.